GOLD Weekly Pre-MARKET Analysis

5月12日

The price has broken through and closed above the key zone of 2340-2350, which has been consistently respected in the past. This area can be seen as a pivotal swap zone. Analyzing the daily timeframe, we can observe a strong bullish candle forming near this level, highlighting its importance as a support area. As we look ahead to next week, I expect some consolidation below the upper border of the channel. The price was unable to close above this boundary on the 4H timeframe and has reached the Fibonacci 61.8% golden zone. These factors suggest that the market may need some time to gather momentum before potentially making a move.